Use the following to answer question 19: Figure and Table: Variable, Fixed, and

Question

Use the following to answer question 19: Figure and Table: Variable, Fixed, and Total Costs Total cost $2.500 2,000 ,500 Total cost, TC 1,00 0 20 40 60 80 100 Quantity of wheat (bushels) Quantity of Labor Quantity of Wheat Variable Cost, Fixed Cost, FC $400 400 400 400 400 400 400 400 400 Points on Graph (workers. L (bushels)e Vc Total Cost, S 400 800 1,000 1,200 1,400 1,600 1,800 2,000 51 600 75 84 91 1,000 1,200 1.400 1,600 19. (Figure and Table: Variable, Fixed, and Total Costs) Look at the figure and table Variable, Fixed, and Total Costs. The marginal cost of increasing production from 51 to 64 bushels of wheat is: A) $16.00 B) $15.38 C) $12.50. D) $18.75. 20. Which of the following Herfindahl-Hirschman indices is most likely to indicate a perfectly competitive market? A) 100 B) 1,800 C) 10,000 D) 100,000

Explanation / Answer

19. Marginal cost of increasing production from 51 to 64 bushels of wheat =

(Total cost of producing 64 bushels - total cost of producing 51 units) / (64-51)= (1200-1000) / 13= 200/13 = $ 15.38

OPTION B

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